Quarterly Cash Dividend to be Raised From $0.22 to $0.25 Per Share, Subject to Shareholder Approval at the January 2018 Annual Meeting

Fourth Quarter Fiscal 2017 Highlights

Revenue of $980 million, slightly above the midpoint of the $955-$995 million guidance range including a positive impact from foreign currency movements of approximately $9 million relative to the third quarter of fiscal 2017

GAAP diluted EPS of $0.73, above the mid-point of the $0.68-$0.76 guidance range

Non-GAAP diluted EPS of $0.94, at the mid-point of the $0.91-$0.97 guidance range

Free cash flow of $165 million, comprised of cash flow from operations of $199 million, less $34 million in net capital expenditures and other

Twelve-month backlog of $3.25 billion, up $30 million sequentially

Quarterly cash dividend of $0.22 per share to be paid on January 19, 2018

The board of directors has approved a share repurchase plan authorizing the repurchase of up to $800 million of ordinary shares at the company’s discretion; this plan has no expiration date and is in addition to the current authorization, which, as of September 30, 2017, provided for up to $256 million of remaining repurchase authority

The board of directors also approved an increase in the Company’s quarterly cash dividend payment from $0.22 per share to $0.25 per share, anticipated to be paid in April 2018, subject to shareholder approval at the January 2018 annual meeting

“We are pleased to deliver solid operating results in Q4, which included another quarter of record revenue and sequential growth across North America, Europe and Rest of World. At the same time, we maintained stable operating profitability as we successfully balanced project delivery with the launch of innovative product offerings in areas such as artificial intelligence and network functions virtualization. Overall, our fourth quarter wrapped up a successful fiscal 2017 for Amdocs in which we delivered full year non-GAAP diluted earnings per share growth of 6.4% and free cash flow generation of more than $500 million,” said Eli Gelman, president and chief executive officer of Amdocs Management Limited.

Gelman continued, “We sustained our high win rate in Q4 as we secured several modernization awards and increased our footprint with highly strategic customers. Earlier in the quarter, we were proud to announce that Altice USA has selected Amdocs to help accelerate the migration of key support systems to a single platform that will simplify and modernize its technology and improve the customer experience it provides. We were also delighted to enter a long-term services contract with Bharti Airtel, India’s largest telecommunications service provider, under which Amdocs will act as Airtel’s strategic partner to deploy machine learning and advanced artificial intelligence capabilities and to deliver a world class experience to its customers.”

Gelman concluded, “Looking ahead, we expect to deliver full year non-GAAP diluted earnings per share growth of 4.0% to 8.0% and revenue growth of 0% to 4.0% in fiscal 2018. This outlook reflects the visibility provided by our record 12-month backlog, and incorporates our strong momentum in the North American Pay TV market, tempered by some slowdown in AT&T’s discretionary spending plans as we discussed last quarter. Additionally, we remain committed to the proactive and disciplined return of capital to shareholders. In support of this, our Board has today authorized an additional shareholder repurchase plan of $800 million, and agreed to raise the quarterly dividend payment by nearly 14% to 25 cents per share, subject to shareholders approval at the annual meeting in January 2018.”

Revenue

Revenue for the fourth fiscal quarter ended September 30, 2017 was $979.7 million, up 1.3% or $13.0 million sequentially from the third fiscal quarter of 2017 and up 4.2% as compared to last year’s fourth fiscal quarter. Revenue for the fourth fiscal quarter of 2017 includes a positive impact from foreign currency movements of approximately $9 million relative to the third quarter of fiscal 2017. Revenue was slightly below the midpoint of Amdocs’ guidance, excluding foreign currency movements.

For the fiscal year ended September 30, 2017, revenue increased by 4.0% to $3.9 billion.

Net Income and Earnings Per Share

The Company's GAAP net income for the fourth quarter of fiscal 2017 was $107.2 million, or $0.73 per diluted share, compared to GAAP net income of $95.7 million, or $0.64 per diluted share, in the prior fiscal year’s fourth quarter. Net income on a non-GAAP basis was $137.4 million, or $0.94 per diluted share, compared to non-GAAP net income of $132.4 million, or $0.89 per diluted share, in the fourth quarter of fiscal 2016.

The Company's GAAP net income in fiscal 2017 was $436.8 million, or $2.96 per diluted share, compared to GAAP net income of $409.3 million, or $2.71 per diluted share, in fiscal 2016. Fiscal 2017 net income on a non-GAAP basis was $560.6 million, or $3.80 per diluted share, compared to non-GAAP net income of $540.1 million, or $3.57 per diluted share, in fiscal 2016.

Returning Cash to Shareholders

Quarterly Cash Dividend Program: On November 8, 2017, the Board approved the Company’s next quarterly cash dividend payment of $0.22 per share and set December 29, 2017 as the record date for determining the shareholders entitled to receive the dividend, which will be payable on January 19, 2018. The Board also approved an increase in the Company’s quarterly cash dividend payment to $0.25 per share, which is anticipated to be paid in April 2018, provided that the increase is approved by shareholders at the January 2018 annual general meeting of shareholders.

Share Repurchase Activity: Repurchased $90 million of ordinary shares during the fourth quarter of fiscal 2017. The board of directors has approved a share repurchase plan authorizing the repurchase of up to $800 million of ordinary shares at the company’s discretion; this plan has no expiration date and is in addition to the current authorization, which, as of September 30, 2017, provided for up to $256 million of remaining repurchase authority.

Twelve-month Backlog

Twelve-month backlog, which includes anticipated revenue related to contracts, estimated revenue from managed services contracts, letters of intent, maintenance and estimated on-going support activities, was $3.25 billion at the end of the fourth quarter of fiscal 2017, up $30 million from the end of the prior quarter.

First Quarter Fiscal 2018 Outlook

Revenue of approximately $960-$1,000 million, including an immaterial sequential impact from foreign currency fluctuations as compared to the fourth quarter of fiscal 2017

Diluted GAAP EPS of approximately $0.66-$0.74

Diluted non-GAAP EPS of approximately $0.94-$1.00, excluding amortization of purchased intangible assets and other acquisition-related costs and approximately $0.09-$0.10 per share of equity-based compensation expense, net of related tax effects.

Our first fiscal quarter 2018 and full year fiscal 2018 outlook takes into consideration the company’s expectations regarding macro and industry specific risks and various uncertainties and certain assumptions that we will discuss on our earnings conference call. However, Amdocs notes market dynamics continue to shift rapidly and that it cannot predict all possible outcomes, including those resulting from AT&T’s proposed merger with Time Warner, or from other current and potential customer consolidation activity in North America.

Conference Call Details

Amdocs will host a conference call on November 8, 2017 at 5:00 p.m. Eastern Time to discuss the Company's fourth fiscal quarter and fiscal year 2017 results. To participate, please dial +1 (844) 513-7152, or +1 (508) 637-5600 outside the United States, approximately 15 minutes before the call and enter passcode 94145412. The call will also be carried live on the Internet via the Amdocs website, www.amdocs.com.

Non-GAAP Financial Measures

This release includes non-GAAP diluted earnings per share and other non-GAAP financial measures, including free cash flow, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth. These non-GAAP measures exclude the following items:

amortization of purchased intangible assets and other acquisition-related costs;

changes in fair value of certain acquisition-related liabilities;

equity-based compensation expense; and

tax effects related to the above.

These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures.

Amdocs believes that the presentation of non-GAAP diluted earnings per share and other financial measures, including free cash flow, non-GAAP cost of revenue, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP income taxes, non-GAAP effective tax rate, non-GAAP net income and non-GAAP diluted earnings per share growth when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and results of operations, as well as the net amount of cash generated by its business operations after taking into account capital spending required to maintain or expand the business.

For its internal budgeting process and in monitoring the results of the business, Amdocs’ management uses financial statements that do not include amortization of purchased intangible assets and other acquisition-related costs, changes in fair value of certain acquisition-related liabilities, equity-based compensation expense and related tax effects. Amdocs’ management also uses the foregoing non-GAAP financial measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Amdocs. In addition, Amdocs believes that significant groups of investors exclude these items in reviewing its results and those of its competitors, because the amounts of the items between companies can vary greatly depending on the assumptions used by an individual company in determining the amounts of the items.

Amdocs further believes that, where the adjustments used in calculating non-GAAP diluted earnings per share are based on specific, identified amounts that impact different line items in the Consolidated Statements of Income (including cost of revenue, research and development, selling, general and administrative, operating income, income taxes and net income), it is useful to investors to understand how these specific line items in the Consolidated Statements of Income are affected by these adjustments. Please refer to the Reconciliation of Selected Financial Metrics from GAAP to Non-GAAP tables below.

Amdocs is a leading software and services provider to the world’s most successful communications and media companies. As our customers reinvent themselves, we enable their digital and network transformation through innovative solutions, delivery expertise and intelligent operations. Amdocs and its 25,000 employees serve customers in over 85 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $3.9 billion in fiscal 2017.

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2016 filed on December 12, 2016 and our Form 6-K furnished for the first quarter of fiscal 2017 on February 13, 2017, for the second quarter of fiscal 2017 on May 22, 2017 and for the third quarter of fiscal 2017 on August 14, 2017.